6 Ways to Remove Negative Items a Credit Report Yourself

Introduction              

After reading this article, you should be able to switch up to 6 methods to remove negative items a credit report.   

When you successfully remove Negative Items a Credit Report, you’d be glad to see your credit score increase. Not just that, it boost your chances to get loan and credit cards with fair interest. Sit back and learn how to remove negative items from a credit report.

We’d talk about six methods as follows;   

• Dispute any inaccuracies with the credit reporting agencies
• Send a Dispute to your Lender
• Settle the creditor for the Remove memo request
• Post a Goodwill message to your lender or credit company
• Exercise patience to have the negative item remove itself
• Engage a Credit Repair agency

How to Remove Negative Items a Credit Report Yourself

Now, we’d check the above outline one after the other. Shall we start?

#1. Dispute any inaccuracies with the credit reporting agencies

The (FCRA) Fair Credit Reporting Act is a national constitution that postulates a customer’s freedom to dispute error item on his credit history to any credit reporting agencies as follows;

• TransUnion, Equifax, Experian. 

With AnnualCreditReport.com, you could order duplicates of your credit reports for free.

And if you see any mistake or incorrect information on your credit history, you don’t have to panic. Feel at ease and take the following steps;

• Check for the appropriate credit reporting agency, write a message corresponding to the template provided by Federal Trade Commission.
• Besides the message, add copies of your credit history that itemize the incorrect item, then attach any further documents like your banking history.    
• Submit and forward the message through official mail to ensure you have proper evidence that the credit bureau got the message.

The credit reporting agency has 30 days to look into the dispute properly with the company responsible for giving the item; it is also obliged to reply to the request.

And if the credit bureau discovers it’s a credit report mistake, they will resort to deleting the item. Else, the information stays there on the credit report.

#2. Send a Dispute to your Lender to Remove Negative Items a Credit Report

In the long run, if the credit reporting agency confirms the negative information you reported on is correct, do ensure to forward another dispute note.

Now, you direct it to the credit card agency or creditor known to narrate the inaccuracy to the credit reporting agency (for example, collection agency, financial institutions, credit card business).                  

Make use of the template by Federal Trade Commission to write the message. 

Tantamount to the credit reporting agency, either the creditor or credit card agency should make proper inquiries. Then ensure the appropriate records, proof, and documents to back up the negative information is valid and authentic.

When the creditor or credit card firm decides that the report truly has mistakes in there, they should send a request to the credit reporting agency to correct or delete the negative information.

#3. Settle the creditor for the Remove memo request 

If the lender or the credit reporting agency refuses the request to remove negative items a credit report since they already proved the item is correct. Negotiate with the creditor to remove negative items a credit report.   

“Settle the creditor for the remove memo” is a helpful approach for negotiation you can adopt to remove a late payment from your credit history. 

The idea with this pay-for-delete memo is that the borrower proposes to make payment for the account (total amount) as a reward for the creditor to remove negative items a credit report.  

#4. Post a Goodwill message to your lender

When you have settled the account in total amount, another possible means is to post a goodwill message to remove negative items a credit report.

The goodwill message helps you submit a memo to the lender while it tells the reason for your lateness to pay your bills.

You motivate the creditor that this Goodwill message won’t repeat itself any longer. It will be the first and last time you write such a request to remove negative items a Credit Report. The creditor can consider your seriousness about the goodwill message.

Though the approach of goodwill message can’t turn out well for all, it’s most appropriate for random financial mistakes instead of more-than-one negative items.

For instance, let’s say you have never defaulted to paying your bills and are always up-to-date with your dues. You only default just once because you’re off work; the best way to address such a case is to submit a goodwill message.

Bear in mind that lenders are not forced to act according to any request of goodwill letters; it’s left to their discretion. Nevertheless, you may be lucky to have the negative items removed through the goodwill message.

#5. Exercise patience to have the negative item remove itself

You can find yourself in a tight situation. And the last thing you can think of is to hold back, hoping that the negative information will remove from the credit report by itself.

Except for a serious financial ruin (that can last ten years), many negative items can only stay on a customer’s credit history for up to 7 years.

Though you can perceive the number of years to be far, however, it thus reduces the effect on a credit score year after year.

You may decide to improve your credit score aside from that for the time being. Since only the banking record makes up 35% of a credit score, this thus significantly impacts your score.

Once you are faithful to paying your debts when expected, you definitely should achieve much.

#6. Engage the services of a Credit Repair Business

Anyone affected with negative information on his credit history can remove it by itself. However, you may consider engaging an expert with a helping hand to resolve the issue.

Honestly, drafting memos, recording telephone conversations & making bargains for more-than-one negative item spread through various accounts is a strenuous exercise.  

Assuming you’re experiencing so much negative information on your credit history, it would be better you engage a credit repair agency. 

A very good instance of a respected credit repair company is Lexington Law, Credit Saint).

Be careful of the credit repair company you connect with, likewise the sample of memos to send to address your case.

Furthermore, make sure you only release payment when you already benefit from the company’s solutions.    

To further read the operations covered by these credit repair companies, including methods employed to work, read our article on the top credit repair firms.

How long do negative items stay your credit report

In most cases, negative items like late payments already submitted to the debt collector firm and bankruptcy, including accounts that fail in their obligations to pay as due, remain on credit history for up to seven years.  

Don’t do the following; it’s a disadvantage to your credit score

You can have many things done to boost your credit score; meanwhile, some mistakes may cause serious damage in the long run.

And If you intend to remove negative items a credit report, put your mind off the following as it’s not useful:

Refuse to: block a credit card that has a late payment      

If your credit card has missed payments aplenty; you’d make a big mistake by closing the account, so don’t try to. Moreover, it does not remove the delinquency record. It can cause more harm than good by ruling out a good credit report. 

Engaging the credit card firm to update your account; bargain for the pay-for-remove system.  

Though the credit card firm may not delete all the negative information, they could be eager to remove some, even if it’s not all. And this can improve credit scores.       

Refuse to: Default payment    

Non-payment will ruin your financial resources and significantly affect your credit score.

Possibly you may wish to make an official request to start afresh; meanwhile, the reactions thus continue up to 10 years.      

One or more negative information is likely to reduce your credit score. However, financial ruin or non-payment should reduce the score by 200 points or higher before you know it. 

Before you make an official request, ascertain it’s exactly the only alternative you are left with.

Refuse to: Settle accounts experiencing delinquency that’s in collection or charged off.

There are no way funding accounts experiencing delinquency can remove negative items a credit report. Your effort to do this will be proved abortive.

If the account is not in collections or write-off, settling the debt can modify your account state as “current.”

However, collection and charged off accounts are continuously recorded like that despite you clear the debt.

Samples of Negative items to remove from your credit report

Check the below several forms of negative marks to remove from a credit report;

Hard pulls, Write-offs, Insolvency, Judgements, Late Payments, Collections, Foreclosures

Closing words: Remove Negative Items a Credit Report

At first, making bargains with debt collectors or lenders is difficult; as time passes, you’d find it a child’s play.

Deleting negative credit report items is very important to good credit practices. 

You only need to be prepared and determined to accomplish your financial objectives. Once that’s in place, you’d be shocked to remove negative marks credit report like child’s play.

Whichever way you resort to removing the negative information. Whether yourself or a credit repair business, making all effort to see your credit score increase is worthwhile and duly rewarding. Hurry now to remove negative marks credit report.